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MN SF2637
Bill
Status
Introduced
3/17/2025
Primary Sponsor
Grant Hauschild
Click for details
AI Summary
- Creates a tax credit for small businesses (fewer than 50 full-time employees) for advertising expenses in local newspapers and FCC-licensed local broadcast radio and television stations
- Credit equals 80% of qualifying advertising expenses (up to $5,000) for tax year 2025, then 50% (up to $2,500) for tax years 2026-2028
- Local newspapers must employ at least one full-time local journalist residing in the community, have no more than 750 employees with over half in Minnesota, and primarily cover Minnesota news and events
- Unused credits may be carried forward for up to five succeeding taxable years
- Credit expires January 1, 2029, effective for taxable years beginning after December 31, 2024
Legislative Description
Income and corporate franchise tax exemption for advertising expenses authorization
Last Action
Referred to Taxes
3/17/2025
Committee Referrals
Taxes3/17/2025
Full Bill Text
No bill text available